oreod446
contestada

*15 POINTS* Laura goes to a bank and opens a new account. She deposits $5,500. The bank pays 1.6% interest compounded annually on this account. Laura makes no additional deposits or withdrawals. Which amount is the closest to the account balance at the end of 4 years? $5,852.00 $5,860.53 $5,940.00 $5,954.31

Respuesta :

Squintz267

Answer:

A) 5,852.00

Step-by-step explanation:

I=prt. I=(5,500)(0.016)(4) I=352.00 => 352+5,500=5,852

The  amount is the closest to the account balance at the end of 4 years should be considered as the $5,860.53.

Calculation of the amount:

Since the deposited amount is $5,500

The interest rate is 1.6%

And, the time period is 6 years

So, here the amount at the end of 4 years should be

= [tex]$5,500 \times (1 + 1.6\%)^{4[/tex]

= $5,860.53

Hence, the second option is correct.

learn more about interest rate here: https://brainly.com/question/24002393

Otras preguntas